At the beginning of this year’s bull market, meme coins were the first to make a splash. Big-name influencers such as Mark Cuban and Elon Musk helped to fuel a rise in Dogecoin (DOGE) prices. DOGE’s success eventually led to a large number of meme coins featuring dog-themed designs.
The pack is back on the move this week after Shiba (SHIB), saw a triple-digit breakout. DOGE appears ready to move higher. Bitcoin’s (BTC), sudden rise above $55,000 seems to have triggered the move. Even though the price is moving lower to test the underlying support, the meme-tokens continue to flash bullish signals.
Apart from Bitcoin’s recent breakout, protocol-specific announcements and the rally in meme currencies seems to have been initiated after Elon Musk tweeted a photo of a Shiba Inu puppy.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
Elon Musk (@elonmusk), October 4, 2021
Shiba Inu expands his ecosystem
According to CoinGecko (see below), Shiba Inu, or SHIB, has performed the best over the past week. Its price soared 400% from $0.00000700 on October 4 to $0.0003529 on October 6.
Market capitalization: Top 5 most popular meme coins Source: CoinGecko
SHIB’s price has risen because the ShibaSwap Exchange, which is claimed to have lower exchange fees than Uniswap, and multiple ways that token holders can earn a yield by providing liquidity or staking, has been added to the ecosystem.
SHIB is also one of the few meto tokens that are listed on large cryptocurrency exchanges like Coinbase and Binance. This provides traders with ample liquidity and trading volume.
The Shiba Inu community is also showing increasing interest in the protocol’s Shiboshi NFT launch.
Related: DOGE cofounder set sights on Ethereum bridge, NFTs and mass adoption
Dogecoin is ready for a breakout
SHIB may have made the biggest percentage gains, but DOGE is still the most powerful dog in the pack with a market capital of $33.26 million and the furthest reach.
VORTECS(tm), data from Cointelegraph Markets Pro, began to detect a bullish outlook on DOGE on October 1, before the recent price rise.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is based on a combination data points, including trading volume, market sentiment and recent price movements, and tweet activity.
VORTECS(tm), Score (green) vs. the DOGE price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for DOGE rose into the green zone. It reached a peak of 74 on October 1, just 61 hours after the price increase by 26.7% in the following two days.
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